The insurance claims process can be stressful, so many variables that must be considered. Major systems such as air conditioning systems are often confusing because they can be part of the structural or personal property coverage depending on whether you have a window AC unit or a HVAC system. It is important to review the existing policy coverage and understand the deductible levels.
Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedgeagainst the risk of a contingent, uncertain loss. An insurer, or insurance carrier, is selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount of money to be charged for a certain amount of insurance coverage is called the premium. Risk management, the practice of appraisingand controlling risk, has evolved as a discrete field of study and practice.